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Thanks. Just wondering how to enter principal residence
Hi. Thanks. Just wondering how to enter principal residence exemption on return with following scenario; … read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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My wife and i sold are primary residence after i had a
my wife and i sold are primary residence after i had a serious lif threatening illness ,my wife spent only about 150 days in our california home as she was in school in oregon … read more
emc011075
emc011075
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Bachelor's Degree
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I sold two homes in one year, one was rented out at the time
i sold two homes in one year, one was rented out at the time of sale (sold 9/20/2016) But I had occupied it for 26 months before renting it out for 2.5 years prior to date of sale AND second house I h… read more
Barbara
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I have a question regarding my tax situation. I've just sold
Hi, I have a question regarding my tax situation. I've just sold a home and I would like to know if I can claim it as primary residence.Thank you… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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RE: Gain exclusion from sale of residence If someone becomes
RE: Gain exclusion from sale of residence If someone becomes mentally or physically incapable of self-care, a stay at a facility does NOT affect the 5-year residency period. This is very clearly state… read more
Barbara
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I need help with IRS form 4797. I sold a home I'd lived in
I need help with IRS form 4797. I sold a home I'd lived in for 16 years. Owned it for 18. 2 questions... 1. The eligibility question asks if I had any rental income during the year the home was sold. … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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Have not filed my 2012 taxes yet. I owned a house in joint
Have not filed my 2012 taxes yet. I owned a house in joint tenancy with my father. He died in February, 2012, and tried to turn the unit a rental, but the HOA wouldn't let us. We finally sold the prop… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
17,784 satisfied customers
Just sold a house (June 2013) which was my primary residence
Just sold a house (June 2013) which was my primary residence until July 2009. Rented continously from July 2009 until May 2013 (4 of past 5 years). I have: 1. Loss on sale of house (Purchased $1.250k … read more
Phillip B, EA
Phillip B, EA
Tax Advisor
Bachelor's Degree
570 satisfied customers
Does the section 121 ruling allow the principal residence exclusion
Does the section 121 ruling allow the principal residence exclusion to apply to a home held and sold by a living trust. My father in law died 5 days before his home, which was titled in a living trust… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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If I make $25,000 capital gains on the sale of a 2nd house
If I make $25,000 capital gains on the sale of a 2nd house I own, And then I use all that $25,000 to pay down the mortgage on my primary home that I live in, will I owe any capital gains tax on that $… read more
USTaxAdvising
USTaxAdvising
Partner
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My sister and I owned a house together and I recently sold
My sister and I owned a house together and I recently sold my half to her. She paid me seventy thousand dollars. I am in the 15 percent tax bracket. Since this is a long term capital gain do I have to… read more
Jacy
Jacy
Bachelor's Degree
567 satisfied customers
I have a 1099-A form that I need to account for on our taxes.
I have a 1099-A form that I need to account for on our taxes. I have never had this form before and I am unsure what numbers go where on the tax form. I have a "Balance of principal outstanding" figur… read more
Wendy Reed
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Do you answer federal tax questions regarding real estate and
Do you answer federal tax questions regarding real estate and capital gains on property sales?… read more
Anne
Anne
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i paid a mortgage on a house for 20 years and then sold it.
i paid a mortgage on a house for 20 years and then sold it. After the house balance was paid off and all fees were paid I had a gain of 24,000 dollars. Is the gain subject to federal taxes ?… read more
Marvin,EA
Marvin,EA
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2 siblings buying a piece of land to build vacation home, ...
2 siblings buying a piece of land to build vacation home, if buy in an LLC''s (50/50 ownership) name upon sale of vacation home can both use the $250k gain exclusion? (Using cash on hand to buy and bu… read more
Marvin,EA
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Where do I report gain on investment house that I reinvest
I bought a house as a "flip house." Have sold it. I understand I can "roll the gain forward" into my next flip. On what form and how do I do this?… read more
Lev
Lev
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Bachelor's Degree Equivalent
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We have a 2 Family home, the mortgage is 297,000, we want ...
We have a 2 Family home, the mortgage is 297,000, we want to sell it asking about 600,000, My husband is 68 I am 65, it is the first time we have ever sold a house, what can we expect to pay on taxes … read more
Christopher Phelps
Christopher Phelps
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1,180 satisfied customers
My mother is a retired widow and sold her home in Kingman ...
My mother is a retired widow and sold her home in Kingman Az last year. First and only home she sold. The money went back into a home here in Show Low,AZ she bought. She was told that she doesn't have… read more
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Christopher Phelps
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